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Elements and Performance Criteria

1. Maintain accounting records for taxation purposes
   • Access and correctly interpret taxation accounting system
   • Establish and maintain adequate records to support taxation accounting system
   • Comply with specific taxation requirements for business documents
2. Establish and maintain process for managing business tax returns
   • Establish accounting process to manage taxation lodgements process
   • Maintain sufficient and current records to comply with lodgement requirements
   • Establish and meet lodgement schedule requirements
3. Process business tax returns and lodgements
   • Identify and appropriately use required returns and lodgements
   • Process accounting data to comply with taxation reporting requirements
   • Draft returns and lodgements for review by authorised personnel

Performance Evidence

Evidence of the ability to:

maintain accounting records for taxation purposes

establish and maintain an administrative process for managing business taxation returns

prepare and process business taxation returns according to Australian taxation requirements.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

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Knowledge Evidence

To complete the unit requirements safely and effectively, the individual must:

identify and describe the key Australian Taxation Office (ATO) and legislative requirements for business taxation returns

identify and accurately explain a range of accounting terminology

outline requirements for lodgement schedules

describe the key administrative procedures in a financial services organisation or business unit.

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